(Please click at the chart to see it better)
USD/JPY
Wave (ii) has extended beyond 104.49, but should have topped or be very close to topping out. I will be looking for a break below 104.50 and more importantly a break below 104.18 to confirm that the top is in place and wave (iii) lower towards at least 100.83.
At no point can a break above 105.36 be allowed, as that would leave us with a three wave decline from 105.44 and indicate a new test of 105.44 and possibly higher towards the 106.07 - 106.46 area in an expanded flat correction.
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